Homework Answers
| 1 | Shares Authorized | 3,60,000 | ||||
| Shares issued | 1,55,000 | (2170000/14) | includes premium 5 | |||
| Shares Outstanding | 148,000 | (155000-7000) | exclude treasury stock | |||
| 2 | Additional Paid in Capital | 7,75,000 | (1,55,000*5) | Premium 5 | ||
| 3 | Earnings Per share | 2.05 | (303400/148000) | (Net income/Shares outstanding) | ||
| 4 | Dividend paid per Share | 1.17 | (173160/148000) | (Dividend/Shares outstanding) | ||
| 5 | Under the cost method of recording treasury stock, the cost of treasury stock is reported at the end of the Stockholders' Equity section of the balance sheet. | |||||
| Treasury stock will be a deduction from the amounts in Stockholders' Equity. | ||||||
| Treasury Stock in the problem at Cost= | 98,000 | (7000*14) | ||||
6)ans:-
| Shares issued @ $ 15 = $ 2,170,000 / $ 14 = | 1,55,000 | Shares |
| Stocks are split in 2 shares against one shares = | 3,10,000 | Shares |
| (155,000 shares X 2 Shares) | ||
| Less: Repurchases Shares as treasury Stock | 7,000 | Shares |
| Net Shares Outstanding | 3,03,000 | Shares |
| Answer: | ||
| Par value Per shares = | $ 5(10/2) | Per shares |
| Shares outstanding | $ 3,03,000 | Shares |
| 7 | Transaction | General Journal | Debit | Credit |
| 1 | No journal entry required | |||
| 8 | Transaction | General Journal | Debit | Credit |
| 1 | Retained earnings (10% x 148000 x $21) | 310800 | ||
| Stock dividends payable (10% x 148000 x $10) | 148000 | |||
| Additional paid-in capital | 162800 | |||
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